UOE records healthy profit boost
Mainboard-listed property group Overseas Union Enterprise (OUE) reported that its net profit in the third quarter climbed more than 16 times to $127.3 million from $7.5 million a year ago, on the back of a 52.9 percent increase in revenue to $512.2 million.This was largely attributed to the...
Continue Reading • 12 Nov 2010
HK's luxury home sales set new record
Sales of luxury homes in Hong Kong have achieved new highs despite the government’s efforts to control rising prices.Luxury home sales, or those worth over HK$20 million, have broken records both in transaction value and number, defying property cooling measures, which include a crackdown...
Continue Reading • 11 Nov 2010
UOL's Q3 net profit up 18%
UOL Group has announced that its net profit for the third quarter rose 18 percent from $105.6 million to $124.7 million, while revenue jumped 7 percent year-on-year to $345.2 million from $323.9 million.The growth in turnover was due to the progressive recognition from the sales of UOL’s...
Continue Reading • 11 Nov 2010
CDL Q3 earnings up 1.1%
International property and hotel conglomerate City Developments Ltd (CDL) has posted a 1.1 percent year-on-year rise in Q3 net profit to 195.8 million, while revenue declined 20.8 percent to $745.5 million from $940.9 million a year ago.Though the company has achieved strong sales for its...
Continue Reading • 11 Nov 2010
Tampines Court Ltd acquires Woodgrove Avenue site
A land parcel at Woodgrove Avenue has been awarded to Tampines Court Ltd after it offered the highest bid of $105.12 million in a public tender that closed on November 4.The site has a total land area of 20,956.30 sq m and has a maximum allowable gross floor area of 29,338.82 sq m with a gross...
Continue Reading • 11 Nov 2010
HKLand's commercial leasing market still favourable
Property investment, management and development group Hongkong Land Holdings said that its commercial property leasing markets in Singapore and Hong Kong remained favourable.HK Land’s Interim Management Statement indicated that the company’s vacancy rate in its retail portfolio in...
Continue Reading • 11 Nov 2010
Thailand to limit home loans to prevent bubble
The Bank of Thailand is likely to implement a limit on bank lending for property to prevent a possible bubble formation in the real estate market, said the Thai Condominium Association.Thamrong Panyasakulwong, president of the association, said that Thailand’s central bank is looking at...
Continue Reading • 11 Nov 2010
Weakening economic indicators to affect growth
Despite evident improvement in transaction volume and investor sentiment in the third quarter of the year, the weakening economic indicators could still negatively affect growth, according to a report compiled by CBRE.“In particular, the risks associated with volatile exchange rates and...
Continue Reading • 11 Nov 2010
Yanlord Land's nine month net profit up 10.5%
Yanlord Land Group, a property developer focused on developing luxury integrated residential and commercial property projects in high-growth Chinese cities, has announced that net profit for the nine months ended 30 September 2010 jumped 10.5 percent to $228.7 million from $207.0 million over the...
Continue Reading • 11 Nov 2010
Park Regis Singapore set to launch
Park Regis Singapore, a 203-room hotel in the Raffles Place area, is set to launch on November 16, marking the entry of Australian-based StayWell Hospitality Group (SWHG) into the Southeast Asian region.The new hotel marks a significant milestone in expanding SWHG's brand in major destinations...
Continue Reading • 11 Nov 2010
Sales of GCBs continue to soar
Owners of Good Class Bungalows (GCB) are cashing in on their properties at skyrocketing prices.According to an analysis by CBRE on URA realis caveats, GCB owners who have seen an average psf price increase by almost 30 percent are reaping bumper profits over the past year, with several of them...
Continue Reading • 11 Nov 2010
Upper Serangoon View site attracts four bids
A land parcel at Upper Serangoon View has attracted a total of four bids in a public tender that closed on November 9.A tie up bid among FCL Topaz Ltd, Far East Civil Engineering Ltd and Sekisui House Ltd emerged as the top bidder, offering $156.8 million for the 99-year leasehold site.“The...
Continue Reading • 10 Nov 2010
Sabana REIT to raise $554m IPO
Singapore's first Shari’ah Compliant Real Estate Investment Trust (REIT) Sabana REIT will offer a rich distribution yield and raise up to $554 million from its IPO, according to its preliminary prospectus.Sabana REIT would sell 504 million units excluding the 102 million units that have...
Continue Reading • 10 Nov 2010
PropertyGuru clinches spot on Top 10 Digital Media of the Year
PropertyGuru.com.sg has clinched a spot on the list of Top 10 Digital Media of the Year by Marketing magazine.The Digital Media of the Year survey, which aims to document which agency client marketers in Singapore would most likely use, garnered 546 responses, of which 349 or 64 percent were from...
Continue Reading • 10 Nov 2010
SingLand net profit down 11% in Q3
Singapore property group Singapore Land Ltd has reported that its net profit in the third quarter dropped 11 percent to S$50.15 million from the previous year.This was attributed to a lower gross rental income from investment properties, and the absence of contribution from The Sixth Avenue...
Continue Reading • 10 Nov 2010
Asia Pacific property transaction volumes recover in Q3
Real estate transaction volumes in the Asia Pacific region have recovered following a significant decline in the second quarter, jumping 44 percent to $20.8 billion in the third quarter, according to a recent report.Global transaction volumes also picked up in Q3, up 15 percent over Q2, following...
Continue Reading • 10 Nov 2010
UK borrowers likely to become mortgage prisoners
Recent reports in the UK have shown how unsustainably low mortgage rates may be giving home owners weak security, as experts warned that borrowers are relying more on cheap repayments and would be struggling if the Bank of England’s base rate increases.Top UK economist Danny Gabay has...
Continue Reading • 10 Nov 2010
K-REIT DPU rose 4% following asset swap
The proposed asset swap of K-Reit Asia with Keppel Land has increased the trust’s distribution per unit (DPU) by 4 percent without raising its equity.The trust’s manager said the unit-holder would receive a higher DPU of around 6.68 cents for the 2011 fiscal year, an increase from...
Continue Reading • 9 Nov 2010
China's residential prices not likely to decline
Despite the recent set of tightening measures introduced by the central government, residential prices in Shenzhen, Shanghai, Guangzhou and Beijing are not expected to see more than 20 percent decline in 2011, said Knight Frank in a recent report.The outlook for the China property market depends...
Continue Reading • 9 Nov 2010
HK banks raise mortgage rates
Several banks in Hong Kong are now raising mortgage rates, signalling the end of tight competition in the mortgage market as the overall economy recovers, according to analysts.Standard Chartered, Wing Lung and Hang Seng banks have raised the margin they implemented on home loans priced against...
Continue Reading • 9 Nov 2010